QSE stays flat despite Gulf funds’ profit booking pressure

The Gulf institutions were seen increasingly net sellers as the 20-stock Qatar Index shed 0.03% to 10,137.45 points, but recovering from an intraday low of 10,122 points.

The Qatar Stock Exchange yesterday treaded almost a flat path amidst buying interests in four of the seven sectors, and notably in the consumer goods and banking counters.

The Gulf institutions were seen increasingly net sellers as the 20-stock Qatar Index shed 0.03% to 10,137.45 points, but recovering from an intraday low of 10,122 points.

The Gulf individuals were also increasingly bearish in the main market, whose year-to-date losses were at 6.4%.

As much as 49% of the traded constituents were in the red in the main bourse, whose capitalisation was down QR0.12bn or 0.02% to QR586.13bn on the back of microcap segments.

The foreign funds’ substantially weakened net buying had its influence on the main market, which saw as many as 7,091 exchange traded funds (sponsored by Masraf Al Rayan), valued at QR0.02mn change hands across four transactions.

The local retail investors continued to be bearish but with slackening grip in the main bourse, which saw no trading of treasury bills.

The domestic funds continued to be net sellers but with lesser vigour in the main market, which saw no trading of sovereign bonds.

The Islamic index was seen declining faster than the main barometer in the main bourse, whose trade turnover grew amidst lower volumes.

The Total Return Index was down 0.03% and the All Islamic Index by 0.13%, while the All Share Index was up 0.03% in the main market.

The industrials sector index declined 0.73% and realty 0.31%; whereas consumer goods and services gained 0.39%, banks and financial services (0.33%), insurance (0.13%) and telecom (0.07%). The transport index was rather unchanged.

Major losers in the main market included Mekdam Holding, Alijarah Holding, Industries Qatar, Doha Bank, Qatar National Cement, Ezdan, Mazaya Qatar, Gulf Warehousing and Nakilat.

Nevertheless, Medicare Group, Qatar Industrial Manufacturing, Al Khaleej Takaful, Widam Food and Baladna were among the gainers in the main bourse.

In the venture market, Al Mahhar Holding saw its shares appreciate in value.

The Gulf institutions’ net profit booking strengthened noticeably to QR7.65mn compared to QR1.97mn on July 23.

The Gulf retail investors’ net selling increased perceptibly to QR2.17mn against QR1.34mn the previous day.

The foreign institutions’ net buying declined substantially to QR20.53mn compared to QR52.53mn on Tuesday.

However, the Arab individuals were net buyers to the tune of QR3.17mn against net profit takers of QR0.35mn on July 23.

The foreign retail investors turned net buyers to the extent of QR0.31mn compared with net sellers of QR0.63mn the previous day.

The Qatari individual investors’ net selling weakened drastically to QR2.67mn against QR24.58mn on Tuesday.

The domestic institutions’ net profit booking shrank markedly to QR11.52mn compared to QR23.66mn on July 23.

The Arab institutions continued to have no major net exposure for the eighth straight session.

Trade volumes in the main market fell 3% to 115.16mn shares, while value rose 3% to QR298.71mn amidst 10% lower transactions at 11,504.

The venture market saw a 13% jump in trade volumes to 0.7mn equities, 15% in value to QR1.36mn and 96% in deals to 104.